NEW: Updates HAMP TIER 2 5/17/2013
We have decided to post a thread here on loansafe to help out people here on the forum that really might be trying for a modification and have no idea, that they are already in a much better situation then a modification could help with.
So many times we find out after having done thousands of complimentary income and property analysis that the mortgage is not the problem.
Using a REST Loan Disposition Servicer Software Analysis from www.RestReportMatters.com/loansafe is a great idea when looking into modification, however first you need to determine if it would even be a benefit to you in the first place.
So we decided this thread would do just that.
We have turned down so many loansafe.org members who wanted a RESTReportMatters.com Loan Disposition Servicer Software Analysis, as it would not be a benefit to them for a modification, since they made too much income, or too little, or didn't have a proven hardship, or had more than 25% equity, these folks would not benefit from a purchase, unless they wanted to prove that a short sale or foreclosure had a higher NPV than a modification so they could pick those option.
We will not allow anyone to obtain a REST Loan Disposition Servicer Software Analysis that we believe would not benefit from it.
Below is a thread on THE RESTReportMatters.com users and results, so you can look into it for yourself to see the outcomes of real life users and results.
We do offer no upfront fee loan mod service that goes hand in hand with the servicer software license, product bundle and live support that are described at the order page or you can email michael via email@example.com to get your own analysis started or for your own clients without upfront fees for setup.
Please keep all REST Loan Disposition Servicer Software Analysis QUESTIONS in this thread here on loansafe:
REST Report "RESTReportMatters.com Forum Users and Results"
In addition, something very important to realize when looking into a modification is the monthly household budget, and we use your HUD certified budget that you do with a non-profit counselor as the basis for some of our inputs, and can help you correct budget issues as part of our support, or prepare a new one with you if you don't want to work with a HUD counselor for this important part of a modification review.
You can have a perfect scenario for modification however if the budget is not a "cash flow solvent" budget as opposed to an "insolvent" and balanced budget, to the widely accepted statistical norms and household allowances, you could be denied for having too much debt or excessive monthly obligations in relation to income, or having too much of a surplus.
You can save yourself time and a phone call by posting the following information or emailing the below information to firstname.lastname@example.org.
***A modification is not a way to get a refinance and will impact your credit so if you are not late because of hardship, and can't prove an income decline hardship or expense hardship that is long term, then you should reconsider a modification attempt.
Please us this format only and let us know the urgency of your situation so we can prioritize scenarios depending on proven hardship:
EMAIL ME THE FOLLOWING OR POST UPDATED 5/17/2013 TO LOANSAFE@LOANMODHELPCENTER.COM
1. Loan Balance Now=
2. Past Due if any=
3. Gross Monthly Income for Borrower and Co Borrower=
4. Mortgage Payment without taxes and insurance (do not include taxes and insurance) =
5. Real Estate Taxes per month=
6. Hazard Insurance and/or HOA per month=
7. Home Value (check zillow.com or chase home value estimator)=
8. Mortgage servicer and Investor (check if fannie or freddie or MERS below links)
9. Other monthly debt payment total for credit cards and collections =
10. Current interest rate =
11. Fixed Rate or Adjustable Rate? =
12. Have you been modified before? if so, what date? =
13. When did you get this loan, what year? =
14. If you own any other properties, it is best to set an appointment to discuss =
Also, the full inputs needed to run your own full analysis using the OPTIONAL servicer software we sell, is found on the first post in the RESTReportMatters.com users and results thread found here if you want to save yourself time in getting your results faster and at a lower cost REST Report "RESTReportMatters.com Forum Users and Results"
Does Fannie Mae Own Your Mortgage? Loan Lookup Tool- Fannie Mae Look up
http://www.freddiemac.com/mymortgage- Freddie Mac Look up
if not fannie or freddie, look up your loan at MERS:
Qualifying for a modification:
· Spending more than 31% of your gross income on PITIA or are more than 60 days past due or soon will be
· Having enough income to support a mod is critical, too much income and you don't qualify and too little you don't qualify
· No documented hardship makes getting mod more difficult as a mod is not a refinance
How your modification is figured out:
NEW as of 5/17/2013: Calculate payment of between 10% to 55% of gross income using benchmark freddie mac market survey rate plus 0.500% addition to rate for risk premium and amortize 1st mortgage loan amount with past due if any for up to 480 months if necessary, with a target payment of 31% housing PITI to gross income ratio if possible using a rate of as low as the floor rate of 2% as first option. This new payment must fit the targeted debt-to-income (DTI) ratio and is dependent on other credit reported debt liabilities for a total debt to income ratio of 55% to 65%. Review for principal reduction using alternative published loan modification waterfall techniques with principal reduction as first step down to 115% of market value from several online sources.
Reduce the interest rate in 0.125% increments to find a payment that is as close to the targeted DTI as possible. However, the lender does not have to go below a 2% interest rate.
If the targeted 10% to 55% housing to income (31% is preferred for most servicers) ratio goal cannot be reached, the length of the loan may be extended to be up to 40 years long.
If the 31% goal still cannot be met, the lender can, but does not have to, start to forbear or forgive principle. Forbearance is done by Fannie and Freddie and other servicers as a last resort and means a specific amount will be due in one payment at the end of the loan. Forgiveness means that the principal and/or past due is written off.
email email@example.com to get started on your own no upfront fee loan mod if you want professionals to do the loan mod service work for you.
Michael (listen to my radio pod cast here)
email me for an appointment with the 14 inputs above at firstname.lastname@example.org OR CALL IN WITH THE 14 INPUTS AT 855-678-6690 OR LOCAL 619-202-0044